Cardano NFTs becomes third-largest NFT protocol by trading volume

2022/10/30 09:26

Cardano is now the third-largest nonfungible token (NFT) protocol by trading volume, according to a report by blockchain and decentralized apps (dapps) analytics firm DappRadar.
The network’s overall NFT volume reached $191 million in the 30-period ending on Sept.30, trailing only EthereumETH -0.9% and SolanaSOL -2.1%. Ethereum, the network behind the most popular NFT protocol (ERC-721), raked in $338.21 million, while Solana brought in $116.07 million in NFT volume in those same 30 days according to data from The Block. (DappRadar did not provide data for Ethereum or Solana).
Cardano’sADA +1.4% largest NFT marketplace saw an increase of 40% in trading volume this quarter, reaching $11.2 million on the platform alone. Still, none of the 10 top markets ranked by DappRadar offer Cardano NFTs, limiting their accessibility to those outside of that blockchain’s ecosystem.
The increase in trading volume is largely attributed to the network’s Vasil update, which went live on Sept. 22 after a series of delays and increased the network’s operating capacity while reducing transaction time. The update kickstarted the launch of Plutus v2, the network’s smart contract language, that made it easier for developers to build on the chain.

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